Skip to content

Badagry Deep Seaport to cost Nigeria $2.59bn

AMG Logistics

The Nigerian government has approved a concession arrangement for the development of Badagry deep seaport at cost of $2.59 billion and the concession period of 45 years.

The Minister of Transportation Mu’azu Jaji Sambo disclosed that the approval was granted by the Federal Executive Council (FEC) during the weekly meeting presided over by President Muhammadu Buhari in Abuja yesterday.

The port is expected to generate $53.6 billion revenue over the 45 years concession period.

The Minister of Transportation, Mu’azu Jaji Sambo said “I am pleased to announce to you and the general public that I presented a memo today at council with respect to the development of the Badagry deep seaport under the public-private partnership arrangement, where the private sector will inject money for the development of the port and at the end of the concessionary period, the port reverts to the Federal Government of Nigeria through the Nigerian Ports Authority (NPA).

“The project cost as contained and approved in council based on the final business case as approved by the Infrastructure Concession Regulatory Commission (ICRC) in line with extant laws stood at $2.59 billion. It has to be developed in four phases with milestones and the concessional period of 45 years. Reversion is, like I said, to the Federal Government of Nigeria.

“This is to further the government’s goal of making Nigeria the maritime hub of the West and Central Africa sub-region.

“This project, it may interest you to know, will also generate total revenue of over $53.6 billion over the concession period.

“It will create about one quarter million jobs and also attract foreign direct investments to the country and help in improving Nigeria’s economy in general and the wellbeing of Nigerians.”

Ref: http://portnews.com.ng/badagry-deep-seaport-to-cost-nigeria-2-59bn/

Share this post:

Share on linkedin
LinkedIn
Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on tumblr
Tumblr

AMG Logistics is a Lagos-based TRACE certified logistics company. Our services include Freight Forwarding, Customs Clearance, Trucking, Distribution, and Warehousing within Nigeria.

CONTACT US

 

Tel: +234 909 199 9866

sales.nigeria@amglogistics.com
+234 909 199 9866

customer.services@amglogistics.com
+234 909 199 9841

cs.abuja@amglogistics.com
+234 909 199 9805

documentation.department@amglogistics.com
+234 909 199 9813

AMG Logistics Locations

HEAD OFFICE
7c Creek Road
Apapa
Lagos

ABUJA BRANCH
B3 ground floor
84 Keane Nkrumah Street
Asokoro Business & Lifestyle centre
Abuja

PORT HARCOURT BRANCH
NAMA Admin Building
Port Harcourt International Airport
Omagwa
River State

LET US CONTACT YOU

CONTACT US NOW